Government asks energy PSUs to invest in energy startups

MUMBAI Feb 4: The government has asked public sector energy companies to invest in start-ups which are working in the oil and gas sector to encourage business and boost innovation, Oil Minister Dharmendra Pradhan said Thursday.

The oil ministry has asked the public sector to engage with start-ups as a part of the government’s ‘Startup India’ initiative.

“The oil public sector undertaking units will invest and provide financial partnerships to new start-ups engaged in exploration and production and downstream activities to encourage local innovation and add skills,” Pradhan said at a petrochemical conclave in the city.

“If an industry leader like Ratan Tata is investing in start-ups, even PSUs should invest and encourage start-ups,” he said.

In January, the government launched the start-ups campaign to facilitate growth for the fledgling companies.